Paul Hastings, CC steer Princes' £1.5bn London IPO

Paul Hastings, Italian firm BonelliErede and Clifford Chance are advising on the planned London IPO of Princes Group, in what is set to be the latest major listing to hit the City this year.

The Liverpool-based food producer - known for brands including Branston pickle, butter substitute Flora and its own-label tinned tuna - confirmed its intention to float on the London Stock Exchange on Friday (10 October).

The company is expected to raise around £400 million through the sale of new shares, in a deal which gives it a valuation of around £1.5 billion. Based on its fundraising target, the company is likely to qualify for inclusion in the FTSE 100.

Behind the deal

Princes was acquired by Milan-listed Newlat Food (subsequently renamed NewPrinces) last year with plans to reach €5 billion in revenue by 2030 - around double the £2.1 billion (approximately €2.4 billion) it clocked in the year to 31 December 2024.

The move comes amid a welcome uplift in ECM activity in London, as well as Europe more broadly, drawing in a number of firms to advise. Recent weeks have seen the £2 billion IPO of Shawbrook Bank, The Beauty Tech Group’s £300 million flotation, and Fermi’s $13.8 billion dual Nasdaq-London debut, while security company Verisure also listed on Nasdaq Stockholm at a €13.7 billion valuation.

Advising

Paul Hastings is advising Princes Group, with a team led by London capital markets partners Dan Hirschovits and Dr. Max Kirchner.

BonelliErede is advising NewPrinces.

Clifford Chance is acting for the banks, including BNP Paribas and UniCredit, with a team led by London capital markets partners Christopher Roe and Johannes Juette.